Hong Kong is the most expensive city for expats on assignment, according to a new analysis of the cost of living in more than 375 places worldwide.
Five of the most expensive places to live for expats are now in Asia – with Zurich, Switzerland, and Luanda, Angola, taking the remaining places in the top five.
Luanda was in top spot last year, with Hong Kong second.
The ranking takes account of changes in the cost of a basket of 200 goods and services around the world.
The survey revealed that the new digital era, aging populations, skills shortages and unpredictable political and economic events are changing the way multinationals do business and how they assign expats to projects.
Changing expat lifestyle
“With technology advances and the importance of a globally connected workforce, deploying talent remains a key component of a multinational’s business strategy,” said Ilya Bonic, president of Mercer’s Career business.
“While a mobile workforce allows organizations to achieve greater efficiency, utilize top talent, and be cost effective with international projects, volatile markets and slowing economic growth in many parts of the world require them to carefully assess expatriate remuneration packages.
“Aligning workforce and mobility strategies by ensuring the right employees are in the right place is more critical than ever for multinationals as they focus on new global business models.
“Properly compensating employees on international assignments is as important as it can be costly.”
Top 20 Most expensive cities for expats
|1||Hong Kong||Hong Kong|
Bottom 20 Cheapest cities for expats
|191||Sarajevo||Bosnia and Herzegovina|